Pension savers 'at lowest level in ten years'

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Pension savers 'at lowest level in ten years'

Fri 30th Dec 2011

New data has revealed that the number of Britons saving money in private pensions is at its lowest level in a decade.

Figures from the Department for Work and Pensions show that just 38 per cent of working-age people were using a pension to put money aside for their retirement last year, the Telegraph reports.

This proportion has dropped from 46 per cent in 2000 and was described as "alarming" by pensions minister Steve Webb.

"We simply must put a stop this trend and get people saving," he told the newspaper, adding that the data shows why the government's pension reforms are "vital".

The automatic enrolment system will see companies required to provide workplace saving schemes and give many people access to a pension for the first time.

According to the government figures, an estimated 11.6 million people in the UK currently have private pensions.

A recent survey from Aviva indicated that many British workers do not know the total value of their pension savings because they have money spread across several workplace schemes.

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